Could PayPal kill crowdfunding?
rousseau 51 weeks ago
Paypal froze $45,000 raised by the indiegogo crowdfunding campaign of a company called Mailpile, and demanded an itemized budget and developmental goal dates be submitted to PayPal for approval before the funds would be released. PayPal has done almost the same thing, when they refused to release the $30,000+ raised by SomethingAwful for Hurricane Katrina relief. There have been other instances of the company seizing (I think that is a fair term) funds raised by start-ups and conditioning release on production of the product starting. The Kafkaesque aspect of this demand, obviously, is that those funds were raised to cover the cost of product production - in essence, you can have the money you need to start production once you have started production. With PayPal inserting itself as an iron fisted gatekeeper on crowdfunding, can crowdfunding even continue to be a viable way to fund new products? Will this type of authoritarian oversight (which raises the question to me of who is watching the watchers) kill crowdfunding?
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